Question

Explain the advantages of sole proprietorship.​

Answer 1

Explanation:

The sole proprietorship tax advantages are simplified reporting requirements and not having to pay separate taxes for the business. ... If this election is not made, the LLC or corporation itself may need to file tax returns (and pay a separate taxes), with the shareholders also paying taxes on their share of the profits.

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Answer 2

The sole proprietorship tax advantages are simplified reporting requirements and not having to pay separate taxes for the business. ... If this election is not made, the LLC or corporation itself may need to file tax returns (and pay a separate taxes), with the shareholders also paying taxes on their share of the profits.